Lee Power siphoning off funds

[Barry Scott]

It amuses me how people ask to see the accounts. I'd wager 90% wouldn't want to read them, 9% wouldn't know how to read them, and of the remaining 1% that could read them, 99% of them would either be liars or unable to give anything that reinforced the detractors negative view points so they'd  therefore be worthless.

I'd further wager, you could attach the accounts, then completely without foundation, or fact, mention that there's a black hole and how £4m has been removed for "operating costs" or however you'd word that on accounts, say it using a few convincing long words and it'd be fact in a few hours and the Facebook page would implode with foaming mong-anger.

[Barry Scott]

I don't think there's any amount of interaction, or transparency, unless it involved a bottomless pit of Russian money, that would appease our fans.

I think it was futurama and the professor was discussing evolution with some religionists, and no matter how much evidence he provided it was never enough. Our fans (likely all fans) are like that when things aren't going in their favour.

[Batch]

If the accounts were published I'd let the tefs resident accountants tell me what they mean!

I'm sure they'd be able to tell whether the business was running at break even, and whether long term liabilities/loans are increasing and why.

I'd imagine that's add informed as most of us would get.

[Flashheart]

If Power did release the accounts, and they showed that everything is above board, he'd just be accused of fiddling the books.

[RobertT]

2014-2015 (last year for accounts, next ones were due in May, might not have been published yet).

Net Loss of £89k for the full year, put down to reduction in Operating costs, of which, players wages were down from £5.5m to £1.5-£1.7m (that is a claim from Power, but two years previous we did submit a loss of £2.9m!).

Net Assets of -£6.5m - meaning our creditors are much more than our assets.
£4.9m of Liabilities are Long Term Loans.  This had stabilized in the financial year, so was largely the same as the year before, which support the reduced wages line Power used, meaning he'd not introduced extra loans to any large extent in the year (he may have loaned more money, but would have had to pay some back to keep in balance).

£2.9m owed to trade creditors, still a hefty number that one.

This was all prior to Luongo, Gladwin and Byrne moving on.
Without any change in revenue, the evidence here would suggest we'd be running at a loss this season unless we'd covered that loss in the trading year with the proceeds of player sales (FL rules preventing us from spending more without earning more).  It should though mean it is less likely that Power would have loaned the club any new funds, so the 2016 accounts will be worth a look (even the small amount that does get published).

Interestingly you can see the big fall in debt once Power took the business on (it was £14.8m, the drop being the write off by Black), we've added at least £2m in new debt since that handover, and given Black's security is supposedly £2m only, then you'd see Power covering another £2.5m)

[Barry Scott]

I am semi-trolling, and I'm sure we'll all listen to Si Pie, but like FH said, I don't think any clarity in accounts will settle many for long.

[otanswell]

Bring back Jed and Diamond Mike I say


Sent from my iPhone

[Batch]

If Power did release the accounts, and they showed that everything is above board, he'd just be accused of fiddling the books.

haha, that's probably true (that he'd be accused). ok definitely true.

[FreddySTFC!]

If the Trust, or any other reputable group/consortium ever did take control of the club I'd be fairly confident that Black would write off the £2m he's owed upon sale of the club. This is based on nothing more than a hunch of course. 

[FreddySTFC!]

Does anybody on here know of any progress with the Nigel Eady money?

[corner]

Does anybody on here know of any progress with the Nigel Eady money?

I would assume it's being used for the training ground

[The Artist Formerly Known as Audrey]

Not been used at all yet. The training ground is entirely Power's doing. It was mooted he didn't want any outside involvement in the purchase - much the same as he doesn't want any outside investment in the club.

I think Eady's solicitors have power of attorney on how the money is used but God knows what criteria would pass their scrutiny. Maybe the roof on the Bank?

[corner]

Not been used at all yet. The training ground is entirely Power's doing. It was mooted he didn't want any outside involvement in the purchase - much the same as he doesn't want any outside investment in the club.

I think Eady's solicitors have power of attorney on how the money is used but God knows what criteria would pass their scrutiny. Maybe the roof on the Bank?

I thought it had to be used for the youth development

[Simon Pieman]

I split it with Lee Power but I can explain it away with accounting nonsense 

[horlock07]

Not been used at all yet. The training ground is entirely Power's doing. It was mooted he didn't want any outside involvement in the purchase - much the same as he doesn't want any outside investment in the club.

I think Eady's solicitors have power of attorney on how the money is used but God knows what criteria would pass their scrutiny. Maybe the roof on the Bank?

Not sure how spending any money on the ground would be a good use of the money as in the present arrangement it would essentially be aiding the Council who actually own the asset?